Chief Enterprise Business Officer, MTN Communications Nigeria Plc, Lynda Saint-Nwafor has said emerging technologies will be major boosts to small and medium enterprises in Nigeria.
Delivering a keynote address at the Doing Business in Nigeria Conference (DBNC), Saint-Nwafor said most of the businesses in Nigeria are small and medium enterprises (SMEs) and highlighted that these businesses contribute 46 per cent to the National Gross Domestic Product (GDP) as of last year.
A 2021 National survey by SMEDAN show that limited access to funding, rising costs of doing business, and increased technology usage are three critical trends observed within the Nigerian SMEs landscape.
In her keynote address entitled: “Leveraging Emerging Technologies to Improve SME Productivity,” Saint-Nwafor remarked that leveraging emerging technologies would drive scale, optimise cost, and bolster operational effectiveness.
“Technologies, such as Digital Marketing, ERP/CRM, Big Data, Cloud Computing, IoT Solutions, Cyber Security, and Artificial Intelligence, would improve SMEs within the country. Businesses can leverage AI to automate tasks and workloads, analyse data, and predict trends.
Read Also: SON deploys digital technology to check influx of substandard products
Cloud Computing provides cost-effective solutions for technology infrastructure and management,” Saint-Nwafor said.
President and Group Chief Executive Officer, Transnational Corporation of Nigeria (Transcorp) Plc, Dr. Owen Omogiafo submitted that preparing a proactive crisis management plan would help businesses stay afloat in turbulent times.
Convener of DBNC, Linda Uneze noted that several factors pose threats to businesses, especially in Nigeria; and to attain set goals, businesspeople must do the extraordinary. To this, she said, “I do not believe in limitations, and I am always confident that start-ups can blossom if they put in the right attitude and work. Also, established companies have more opportunities to scale through more heights.”
Experts at the conference agreed that with more collaboration between the government and private sector, businesses would thrive better. She encouraged the government to look into the impact of existing business policies and review areas that may constrain and serve as barriers to doing business within the country.
The annual event with the themed: “Business Unusual: Breaking Barriers” was held at Landmark Event Centre, Lagos and attracted business professionals and top executives of companies from across Nigeria.